Uniform Customs and Practice for Documentary Credits
From ACT Wiki
(UCP).
The Uniform Customs and Practice for Documentary Credits is a code of practice for the issuance, use and processing of letters of credit that was first published in 1933.
It is published by the Banking Commission of the International Chamber of Commerce.
The UCP is accepted by commercial companies, banks, insurers and shippers and recognised by the courts in most countries of the world.
The most recent version is UCP600, that came into effect in 2007.
Note: The UCP is sometimes referred to as the "Uniform Customs & Practice for Documentary Credits" and the substitution of "&" for "and" can confuse some search engines and indexing systems.
Documentary credit is an alternative name for letter of credit.
